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Thursday, 07 April 16
BIMCO AND GIIGNL PUBLISH A GROUNDBREAKING VOYAGE CHARTER PARTY FOR LNG TRADE
 BIMCO and the International Group of Liquefied Natural Gas Importers (GIIGNL) have today jointly issued the first definitive voyage charter party – LNGVOY – designed for the expanding LNG spot market. During the development process, BIMCO and GIIGNL consulted with the industry globally to gather a clear picture of how an LNG voyage charter party should work in practice. Careful account was taken of the interests of both owners and charterers to create a balanced and clearly worded agreement.
One of the main goals of LNGVOY is to provide a charter party whereby the charterer can assess, with a greater degree of accuracy, the cost of transporting LNG from A to B and/or C.
Four main issues inherent in LNG shipping have been addressed for voyage charters:
a “boil-off” cap whereby both owner and charterer agree on a negotiated maximum quantity of boil-off over the voyage. In case the cap is exceeded, a compensation structure, agreed during negotiations, is applied, subject to a few limited exceptions.
LNG Heel at the commencement and completion of the voyage – it was considered that legal title (ie ownership) to the heel should remain with the owner throughout the charter and that there would be a balancing payment between the quantities remaining on board, again, at the commencement and completion of the voyage. This arrangement helps avoid potential issues with administration and bills of lading etc.
Presentation – condition of the cargo tanks on arrival at the loading port is now covered. The costs involved can be handled adequately under a voyage charter as opposed to a time charter trip covering the three potential conditions:
– cooled down ready to load
– warm under natural gas vapours
– warm and inerted.
Arrival at discharge port – given the inherent nature of the cargo, scheduling of arrival times at discharge carries great importance and delays can be very costly. As a result, most voyages have a specific delivery window and risks of delay and ensuing boil-off have been allocated.
Chairman of the LNGVOY drafting group, Rodney Hyne-Jones, formerly of Exmar, said:
“LNGVOY is equitable to both owners and charterers and provides a solid contractual platform for the transportation of LNG in an ever-growing spot market. It enables all parties to handle the costs involved in a more precise way.”
According to Vincent Demoury, General Delegate, International Group of Liquefied Natural Gas Importers:
“GIIGNL hopes that a pro forma voyage charter dedicated to carriage of LNG will assist the LNG industry in maximising opportunities for the sale of spot cargoes and the carriage of LNG on simple, predictable terms.”
Grant Hunter, BIMCO Chief Officer Legal and Contractual Affairs added:
“BIMCO is delighted to have had the opportunity to work together with GIIGNL on this project to develop a viable standard voyage charter party for the LNG trade. “LNGVOY is the product of several years’ worth of thorough discussion. It’s something completely new for the LNG sector which has, until now, relied primarily on trip time charters for spot market opportunities.
“This new charter party gives owners and charterers another alternative when deciding on the most appropriate terms for their LNG transportation needs.
Source: BIMCO
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Thursday, 07 April 16
PANAMAX RATES ARE FIRMING IN BOTH HEMISHEPHERES - FEARNLEYS
Capesize
With a great volume our of west Australia, rates were finally moving to upper 3's. and stabilizing towards the middle of the week in ...
Wednesday, 06 April 16
HOW LONG SHIPPING CRISIS WILL BE; WHEN SHOULD OWNERS EXPECT THE BULK CARRIERS TO BECOME PROFITABLE? - INTERMODAL
It is the consensus that dry bulk shipping has been in a crisis for quite some time now. Bulk carrier values are at historical low levels, therefor ...
Tuesday, 05 April 16
DRY BULK REVISITS 1980S LOWS AND FACES UNCERTAIN LONGER TERM OUTLOOK - MSI | HELLENIC SHIPPING NEWS
With the market near bottom, attention is turning to the length of the downturn, the effect on asset values and the impact of broader demand side c ...
Monday, 04 April 16
THE LOADING, AND SUBSEQUENT DISCHARGE, OF UNSAFE NICKEL ORE - ALL TIME TO 'COUNT' - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In a recent, published, London arbitration award the English tribunal has held that all time lost as a result of loading, ...
Monday, 04 April 16
INDONESIA CS57 COAL INDEX SLIDES SLIGHTLY WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 0.07 percent week over week to averaging $38.88 per ton on this past Friday, ac ...
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Showing 2491 to 2495 news of total 6871 |
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- Romanian Commodities Exchange
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- The University of Queensland
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Georgia Ports Authority, United States
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